The RSI Strike Metatrader 5 Forex indicator is a technical tool that shows the intersection points of the RSI or Relative Strength Index indicators that are calculated on varying periods.
The RSI Strike MT5 forex indicator has sixteen variables within its inputs parameter that makes it possible to pair the indicator in a manner that yields crossings.
The crossings are displayed using set of arrows that are filled aqua, silver, orange and red color.
The GBP/USD H1 chart below displays the RSI Strike Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the aqua, silver, orange and red arrows of the indicator queue upward, below the price bars.
Sell Signal: Go short when the aqua, silver, orange and red arrows of the indicator queue downward, above the price bars.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the aqua, silver, orange and red arrows of the forex indicator realign to get displayed above the candlesticks.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the aqua, silver, orange and red arrows of the forex indicator realign to get displayed below the candlesticks.
Tips: The RSI Strike MT5 forex indicator produces a lot of false positives, as such its alerts must not be used in isolation but in combination with other trend technical indicators such as moving averages.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: Variable (RSI_Period 1, RSI_Period 2, RSI_Price 1, RSI_Price 2, RSI_Period 3, RSI_Period 4, RSI_Price 3, RSI_Price 4, RSI_Period 5, RSI_Period 6, RSI_Price 5, RSI_Price 6, RSI_Period 7, RSI_Period 8, RSI_Price 7, RSI_Price 8, ), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the rsi_strike.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)